서울:한국조세연구원

Date

2005-08

Pages

121

Subject Country

South Korea(Asia and Pacific)

Language

Korean

File Type

Link

Subject

Economy < Economic Administration

Holding

한국조세연구원

Abstract

Real estate taxation is an ideal way to finance local public services in principle as well as in practice in many countries. Policy makers in Korea, however, have long bee interested in employing the real estate taxation for various policy objectives such as curbing real estate price inflation, encouraging use of land, and lessening the degree land ownership concentration etc. As a result, the real estate taxation in Korea become complicated and has serious problems in equity and efficiency. In comparison with other advanced countries, the tax burden on holding a real property is too low, while that on trasferring the property, which is the ultimate “anti-market” tax, is too high. To solve partly these problems, the real estate taxation is reformed in 2005. The taxes on holding a real estate are divided into the Property Tax as a local tax and the Comprehensive Real Estate Tax as a central tax. The tax rate of the registration tax is lowered. (The rest omitted)